Quantum-Si Reports Second Quarter 2025 Financial Results

Announced On-Track Proteus TM Development Program Completes Capital Raise of $50 Million BRANFORD, Conn.--(BUSINESS WIRE)--Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or the “Company”), a proteomics technology company redefining protein analysis through single-molecule detection, today announced financial results for the second quarter ended June 30, 2025. Press Release Highlights First half 2025 revenue of $1.4 million, a 33% increase over same period of 2024 Announced an expanded set of instrument acquisition options in response to current capital purchasing challenges Product development programs remain on track – Proteus TM platform, v4 Sequencing Kit, and v3 Library Preparation Kit Announced two new R&D initiatives that will further accelerate breadth of applications addressable with our core technology Raised gross $50 million in capital through a registered direct offering and updated cash runway into the second quarter of 2028 Announced planned Investor and Analyst Day in New York City in November 2025 “We completed another productive quarter, in particular with our various product development initiatives, across platforms, Sequencing and Library Prep Kits as well as announcing the transition from technology development to product development for two new initiatives aimed at accelerating amino acid coverage and PTMs,” said Jeff Hawkins, President and Chief Executive Officer of Quantum-Si. “However, in the second quarter, we experienced the full effect of the NIH funding challenges which slowed and, in some cases, stopped the capital sales process. Despite the capital spend slow down, we continue to engage with customers who have operating budgets they wish to deploy towards purchasing protein sequencing consumables for their research. Based on this interest, we have recently launched an expanded set of instrument acquisition options to continue to drive the growth of our user base, capture consumable revenue and generate publications demonstrating the value of our technology. While still in the early days, we are seeing strong interest in these programs and our first placements have already begun purchasing consumables.” Hawkins continued, “On the development front, our R&D team continues to execute well, and our version 4 Sequencing Kit remains on track for a Q3 2025 launch. In addition, we are on track for a Q4 2025 launch of our version 3 Library Preparation Kit which is expected to require a significantly lower sample input amount. Furthermore, we remain on track to achieve successful protein sequencing on a prototype Proteus system by the end of 2025. We expect to provide detailed updates to these program and other initiatives at an Investor & Analyst Day planned for mid-November 2025 in New York City.” Hawkins concluded, “While we experienced some near-term headwinds commercially this quarter, we continue to remain confident in the long-term market opportunity in proteomics and our technology roadmap we are executing against. We are laser focused on delivering on this roadmap and are well capitalized to execute.” Second Quarter 2025 Financial Results For the second quarter of 2025, the Company recorded revenue of $591,000. Gross profit was $351,000 and gross margin was 59%. For the six months ended June 30, 2025, the Company recorded revenue of $1.4 million, gross profit of $837,000, and gross margin of 58%. The periodic gross margin rate is expected to be variable in the near term as the Company works through the initial stages of commercialization as well as the timing and mix of product sales between instruments and consumable kits. Total operating expenses were $30.5 million in the second quarter of 2025, compared to $26.8 million for the same period in the prior year, and $56.1 million for the six months ended June 30, 2025, compared to $50.4 million for the same period in the prior year. Adjusted total operating expenses were $23.8 million in the second quarter of 2025 compared to $24.4 million for the same period in the prior year, and adjusted total operating expenses for the six months ended June 30, 2025 were $46.6 million compared to $46.3 million for the same period in the prior year. The Company continues to manage its operating expenses tightly, while continuing to fund ongoing commercialization efforts, as well as providing new funding to its Proteus development program, which was launched in November 2024. Net loss was $28.8 million in the second quarter of 2025, compared to a net loss of $23.1 million in the same period of the prior year, and a net loss of $48.0 million for the six months ended June 30, 2025, compared to a net loss of $42.6 million for the same period in the prior year. Adjusted EBITDA was negative $22.2 million in the second quarter of 2025, compared to negative $22.6 million in the same period of the prior year, and negative $43.7 million for the six months ended June 30, 2025, compared to negative $43.2 million for the same period in the prior year. A reconciliation of the non-GAAP financial measures adjusted total operating expenses and adjusted EBITDA is provided in a table included in this press release. As of June 30, 2025, the Company’s cash and cash equivalents and investments in marketable securities were $214.2 million. In addition, the Company completed a $50 million registered direct offering which closed on July 8, 2025. When including the incremental $50.0 million from this capital raise, the Company now believes that it has sufficient capital to carry operations into the second quarter of 2028. Webcast and Conference Call Information Quantum-Si will host a conference call to discuss its second quarter 2025 financial results on Tuesday, August 5, 2025, at 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by joining the live webcast in the Investors section of the Quantum-Si website under Events and Presentations . Alternatively, individuals can register here to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the event will be available for replay following the event. About Quantum-Si Incorporated Quantum-Si is transforming proteomics with a benchtop platform that brings single-molecule protein analysis to every lab, everywhere. The Company’s platform enables real-time kinetic-based detection and allows researchers to move beyond traditional, multistep workflows and directly access dynamic, functional protein insights with unparalleled resolution. By making protein analysis simpler, faster, and more informative, Quantum-Si is accelerating proteomic discoveries to improve the way we live. Learn more at quantum-si.com or follow us on LinkedIn or X . Use of Non-GAAP Financial Measures This press release presents the non-GAAP financial measures “adjusted total operating expenses” and “adjusted EBITDA.” The most directly comparable measures for these non-GAAP financial measures are total operating expenses and net loss. The Company has included below adjusted total operating expenses, which presents the Company’s total operating expenses after excluding stock-based compensation, legal settlement expense, net of insurance proceeds, restructuring costs and other non-recurring operating expenses. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend and interest income, changes in fair value of warrant liabilities and other income or expense. A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations is included as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 5, 2025. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development and commercialization of products and services, its anticipated cash runway, anticipated data and product launches, investor confidence in Quantum-Si and our strategic roadmap, and any financial guidance for 2025. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the inability to maintain the listing of the Company’s Class A common stock on The Nasdaq Stock Market; the ability of the Company to grow and manage growth profitably and retain its key employees; the Company’s ongoing leadership transitions; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the success, cost and timing of the Company’s product development and commercialization activities, including the use and benefit of artificial intelligence in these and other activities; the commercialization and adoption of the Company’s existing products and the success of any product the Company may offer in the future; the potential attributes and benefits of the Company’s commercialized Platinum® protein sequencing instruments and kits and the Company’s other products once commercialized; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing lease, license, manufacture and supply agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development or commercialization of products and services that serve customers engaged in proteomic analysis, many of which have greater financial and marketing resources than the Company; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets once commercialized, either alone or in partnership with others; the Company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based. QUANTUM-SI INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value amounts) (unaudited) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 22,188 $ 49,241 Marketable securities 192,023 160,362 Accounts receivable, net of allowance of $140 and $124, respectively 917 1,333 Legal settlement insurance receivable 4,638 - Inventory 3,903 4,067 Prepaid expenses and other current assets 2,805 3,006 Total current assets 226,474 218,009 Property and equipment, net 15,340 15,993 Operating lease right-of-use assets 11,782 13,061 Other assets 810 808 Total assets $ 254,406 $ 247,871 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 2,234 $ 1,931 Accrued payroll and payroll-related costs 3,440 5,331 Accrued contracted services 2,193 2,379 Accrued legal settlement liability 8,000 — Accrued expenses and other current liabilities 3,780 4,848 Warrant liabilities, current 2,589 — Current portion of operating lease liabilities 1,783 3,698 Total current liabilities 24,019 18,187 Warrant liabilities, non-current — 4,995 Operating lease liabilities 9,359 9,250 Other long-term liabilities 45 19 Total liabilities 33,423 32,451 Stockholders’ equity: Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 164,357,534 and 146,953,271 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 16 16 Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 19,937,500 shares issued and outstanding as of June 30, 2025 and December 31, 2024 2 2 Additional paid-in capital 865,671 811,998 Accumulated other comprehensive (loss) income (40 ) 45 Accumulated deficit (644,666 ) (596,641 ) Total stockholders’ equity 220,983 215,420 Total liabilities and stockholders’ equity $ 254,406 $ 247,871 QUANTUM-SI INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) (unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue: Product $ 558 $ 584 $ 1,366 $ 1,012 Service 33 38 67 67 Total revenue 591 622 1,433 1,079 Cost of revenue: Product 230 249 567 419 Service 10 19 29 37 Total cost of revenue 240 268 596 456 Gross profit 351 354 837 623 Operating expenses: Research and development 15,213 14,381 28,930 26,482 Selling, general and administrative 11,896 12,424 23,777 23,952 Legal settlement expense, net of insurance proceeds 3,362 — 3,362 — Total operating expenses 30,471 26,805 56,069 50,434 Loss from operations (30,120 ) (26,451 ) (55,232 ) (49,811 ) Dividend and interest income 2,312 2,887 4,859 6,461 Change in fair value of warrant liabilities (994 ) 477 2,407 796 Other expense, net (14 ) (12 ) (28 ) (19 ) Loss before provision for income taxes (28,816 ) (23,099 ) (47,994 ) (42,573 ) Provision for income taxes (20 ) — (31 ) — Net loss $ (28,836 ) $ (23,099 ) $ (48,025 ) $ (42,573 ) Net loss per common share attributable to common stockholders, basic and diluted $ (0.16 ) $ (0.16 ) $ (0.26 ) $ (0.30 ) Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted 183,625 141,939 182,968 141,856 Other comprehensive (loss) income: Net unrealized (loss) gain on marketable securities, net of tax $ (54 ) $ 28 $ (107 ) $ — Foreign currency translation adjustment 16 (2 ) 22 (7 ) Total other comprehensive (loss) gain, net of tax (38 ) 26 (85 ) (7 ) Comprehensive loss $ (28,874 ) $ (23,073 ) $ (48,110 ) $ (42,580 ) QUANTUM-SI INCORPORATED RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (in thousands) (unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net loss $ (28,836 ) $ (23,099 ) $ (48,025 ) $ (42,573 ) Adjustments to reconcile to EBITDA: Dividend and interest income (2,312 ) (2,887 ) (4,859 ) (6,461 ) Depreciation and amortization 1,191 1,387 2,108 2,448 Income tax provision 20 — 31 — EBITDA (29,937 ) (24,599 ) (50,745 ) (46,586 ) Adjustments to reconcile to Adjusted EBITDA: Change in fair value of warrant liabilities 994 (477 ) (2,407 ) (796 ) Other expense, net 14 12 28 19 Stock-based compensation 2,789 2,400 5,151 4,009 Legal settlement expense, net of insurance proceeds 3,362 — 3,362 — Restructuring costs 186 31 320 174 Other non-recurring operating expenses 367 — 611 — Adjusted EBITDA $ (22,225 ) $ (22,633 ) $ (43,680 ) $ (43,180 ) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Total operating expenses $ 30,471 $ 26,805 $ 56,069 $ 50,434 Adjustments to reconcile to Adjusted total operating expenses: Stock-based compensation (2,789 ) (2,400 ) (5,151 ) (4,009 ) Legal settlement expense, net of insurance proceeds (3,362 ) — (3,362 ) — Restructuring costs (186 ) (31 ) (320 ) (174 ) Other non-recurring operating expenses (367 ) — (611 ) — Adjusted total operating expenses $ 23,767 $ 24,374 $ 46,625 $ 46,251 Contacts Investor and Media: Jeff Keyes Chief Financial Officer ir@quantum-si.com